I think this deserves more than a nitpick. WMF also doesn't dictate the actions of the volunteer community, and neither does the board. The content of Wikipedia is fully volunteer created and maintained, and admin actions are also handled by the volunteer community.

The foundation is there to provide technical, legal, and community support. In some cases this is funding for community events, in other cases, this includes funding towards making the editor community more diverse. In most cases, though, it's keeping a staff of folks that maintain and improve the software, and defend the project legally.

So, no Wikipedia isn't a corporation. It's more of a commune.